A careful present value of the two strategies would need to be made based upon a specific investor's circumstances, goals and objectives to determine which would be best for them.  

In Washington state right off the I 5 corridor .. my land partner got into contract for 65k ( infill lot that could handle a duplex or two units) put it on the MLS ( which is how you get top dollar) sold in 3 days multiple offers for 110k netted us 100k so 35k net profit .. which I have a formula to split with the acquisition partner. ( PS its always more to them than me) but bottom line if you can fill your pipeline its easily a low 6 figure to mid to high 6 figure when you have a capital partner like myself.. or someone else.. does take a fair amount of capital though usually 500k to 1 mil in cash to make that kind of money so thats where we come in.

If it makes you feel better, I felt the same about the first two properties that I got especially since they were old and had a lot of problems (including bad tenants) and it worked out rather quickly. 

I believe I have two options.Property Info:Purchase Price: $365,000Current Loan: $329,000Interest Rate: 5.7%Mortgage:$1900PMI:$130Insurance:$157Taxes: $320Current Rent Left: $1200 (Market $1400)Current Rent Right: Owner Occupy (Market$1800)1.

A year or two?

We get lots of leads and have two homes available to walk through and tour, and they can buy those or customize and order different floor plans.

You should be able to get $800/room in most areas of Colorado Springs, plus or minus a hundred or two depending on exact location.The $300k might make a legit SFH tough, unless you're open to taking on a big project.

A third option is look at new construction. 

I am currently buying my third duplex with my partner here in Colorado. 

If this is the case, most lenders would average the two when calculating your income.